Assume investors have the following tax rates: Td = 30% and Ts = 12%
{"Image DocumentName": "Assume investors have the following tax rates: Td = 30% and Ts = 12%", "Image ImageDescription": "Assume investors have the following tax rates: Td = 30% and Ts = 12%. What is the gain from leverage according to the Miller model? Miller\u2019s Proposition I: VL = VU + [1 - ]D. Tc = corporate tax rate. Td = personal tax rate on debt income. Ts = personal tax rate on stock income. (1 - Tc)(1 - Ts) (1 - Td)", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}